President Bharrat Jagdeo is to meet with representatives of Canadian oil exploration company, CGX Energy later this month and has warned that they need to move to drilling.
“I made it clear to CGX, they need to move beyond talk now to putting down a well,” Jagdeo told at a press conference on Friday. He said that company officials will be here later this month. “They’ll be here to talk about that and about their plans, specific plans, concrete action to move to that stage,” he stated.
The Canadian company, in the past months was engaged in processing data gathered from their seismic surveys and earlier this month, CGX’s Chief Executive Officer, Kerry Sully said that prospects are encouraging. “We have reached a key transition point in CGX’s history, having identified and enhanced a number of substantial exploration prospects offshore Guyana.
We have acquired interests in five Petroleum Prospecting Licences (PPL) covering 9.6 million acres (7.2 million acres net). We have gathered and re-interpreted the historic data on those PPL’s, participated in the first 2D solid-state seismic survey in the basin and initiated the first 3D seismic shot offshore Guyana. The processing of the 3D survey is nearing completion and the prospects are very encouraging,” he had stated.
Several months ago, Sully had told the media here that that the company will not be doing any drilling this year and data processing from the company’s 3D Seismic programme is ongoing. He had indicated that drilling could be done in CGX’s Corentyne block next year.
There had been high hopes for CGX’s exploration offshore since 2000. However Suriname’s eviction of an oil rig and other challenges delayed exploration in the most feasible offshore areas. According to news reports, there is heightened interest in oil in the Guyana/Suriname/French Guiana basin. However, this area remains one of the most under-explored in the world.
Pres. Jagdeo you too need to move beyond talks. Tranparency International rank your gov’t the most corrupt in the Caribbean. The Auditor General Report reveals the attack on the taxpayers money by gov’t officials. Guyana is the most corrupt and crimimalsed economy under Jgdeo and you he seems contented walking around like the Emperor in his New Clothes. The media, opposition and concerned citizens must start telling him the truth and keep reminding him until he stops destroying the country. SN you have a big role to play. Do something to save Guyana.
Raj,I would agree with all you said.Would it not be fair for all Guyanese to see whom are the official/s author/s that produced and handed in that report to TPI?
yikes::::Leo>>>>>>>wy yuh ah ask dah bai dem hard hard question fah……….
ehehehehehehehehehehe
like yuh nah know no bady ent deh home to ansa yuh….
eheheheheheheheheheh
but ah wan good question dough….
me wud like to see dem pepol who put in de report…..
Jagdoe need to move beyond talk as usual he is telling people do as i say not as i do.
Hypocrites to the bone.
Leo (below) you got torealise that SN reported TI “ratings” as if it was gospel and Raj lapped it up…
This is a good move by the President to put pressure on the company..all patrioic Guyanese should back him fully instead of the National Inquirer level nonsense I raeding here (the fisrt one –I don’t waste time reading all)…….
Raj if you do not pay taxes in Guyana which i think you are not — then focus in America where you pay your taxes and do not complain Guyanese want the man there and they are happy with him
raj 100% rite.
Raj! Jagdeo need to understand the Politics of Oil….if you hand de in tiger mouth yu need teck time pull it out.
Why is he Jagedo so much in a hurry to pull the oil out of ground. Under this Government you will never see oil in Guyana…..investers want to invest in a controled social,economic, and political environment. Show me where that exist in Guyana.
Can this President go to any one with a staight face and ask for help…..his face is all over the the place now
Raj; you have every right to express your views and you are ‘on the money’!
Over 25% of Guyana’s GDP is made up by remittance from members of the diaspora, in the US, Canada, UK and other parts of the world.
This is the result of Jagdeo and PPP administration’s ‘begging bowl’ economic policy.
And tho, while one hand taveth de foreth, the other hand drilleth.
With America hell bent for the non-fossil-fuel, and Canada (along with England) historically joined at the hip, and ‘Drill, Baby, Drill’ shot down more than a year ago, well………..
Watch yo money, Scandinavia. Black holes don’t give refunds.
Heh, heh. Father time, he is a kicker.
For someone who seems to think talk is cheap, Jagdeo has the biggest mouth in Caricom.
best one I heard for a while
I honestly believe that Jagdeo learned something from the LCDS process. He seems to be a man on a mission. There comes a time in deal making when talk must stop, its deal or no deal. Frankly, if the president gives away the rights to the area under consideration to CGX for little or nothing he would have made the right decision. At this point Guyana has little or no leverage in negotiations so the country’s effort should be on making money deep into the investments and on showing itself as a place welcoming to foreign investments. If CGX only serves as a flagship investment, then so be it. Besides, the downside risk of any decision the president makes on this is so low but the potential benefits are huge.
I am with you on this Mr. President.
Excellent and considered comment, Cummins. The problem for me is not whether CGX finds oil but more importantly, the question must be asked:
ARE THE CITIZENS OF GUYANA UNIFIED ENOUGH TO DEAL WITH A MASSIVE WINDFALL OF MONEY. I remind you of the old adage ‘Money is the root of evil’.
OUR PRESIDENT APPEARS TO BE FAILING TO BRING RESOURCES AND CHANGES IN BRACING THE POPULATION FOR SUCH NEW-FOUND WEALTH. WHEN THE OIL DOES INDEED BEGIN TO FLOW, THE CITIZENS COULD LITERALLY DROWN BECAUSE OF LACK OF LONG-TERM STRATEGIC PLANNING.
OUR PRESIDENT HAS MUCH WORK TO DO.
Satish, the last person in the world to be giving ultimatums should be Jagdeo. The man walking around talking, talking and dosen’t seem to know what action is, noe all of a sudden he want action. Then if is action he wants then let him begin an inquiry into the allegations of his govt connection with drug runners and gun smugglers.
Oh and not to mention extra-judicial killings..
Cummings, agreed but just an additional point.Given the LCDS, Jagdeo should be looking at alternative clean fuels…like solar, bio, wind, natural and tidal….not fossil…..where is the enviornmental consistency? Anyhow, let’s hope that CGX can help provide revenues which can be used together with the LCDS funding to promote clean sources of energy to lessen the dependency on oil in the longer term. I like your risk assignment only add that the opposite is also true.
You guys are correct but Guyyana is so far back that it needs all the money it can get baring drug money and similar.
Satish,your point is noted but my hope is that positive action from Jagdeo brings positive actions from others.Guyana needs a few “wins” to set it on course and let’s hope that the Norwegians and a good deal from CGX can change the mood for the better in the country.I see the AFC is doing the right thing by joining in whereas some people(not bloggers, I hope)are putting their personal development/life on hold until they get the government they want while forgetting that we all have only so much time on earth to make a positive contribution.I believe creative people see opportunity in any conditions. Who was it that said “never let a crisis go to waste”?
Also the issues that concern many should not be ignored but be pursued on parallel paths.
google “the oil curse” then assess Guyana’s chances
Mr. President, drilling cost money. CGX is a business for profit company. They will not spent money they cannot afford to lose. They don’t run their company like the way you run Guyana. They are business people with a legal contract with the government of Guyana, not with you. The last thing you want is to scare away investors. We need them, the revenue and the jobs they will provide to the Guyanese people. Mr. President, relax, find something else to talk about. When the money is there the drilling will begin, and man, why you always traveling so? I see you in London now. Are you spending money you can afford to lose? Ooops, I just remember, its not your money!!!
Pat i’m with you, drilling cost money, and i wonder how much money guyana put up towards drilling.
The apologists have no clue of the enorminity of the project and what’s involved in hydrocarbon surveys, geological makeup, geophysical data analysis, manpower, equipment, and the financial cost factors in the operations. As usual, the mirco-manager knows it all.
Drill baby drill!!!…sounds familiar?
Drill baby Drill, Beautiful Guyana needs money to be the Paradise of the Caribbean, drill, drill, drill.
” “I made it clear to CGX, they need to move beyond talk now to putting down a well,”
So?
Is whose money at risk?
Is who running the business?
Is the Presee in the right state of mind?
Nobody can tell him to do anything and when it is necessary for him
to do something, he dwaddles or does nothing.
Just grand-standing like times of old.
Presee…try to learn some diplomacy.
Come on they paid all the bills for the dispute you had with Suriname , now you trying to tell a private Company what to do. They have learned ovet time all you do is blow hot air.Tell the Guyanese people what you are going to do if they don’t do as you say. Not a darn thing . By the way talking about oil,how come you doing all the talking what happen to PM SAM ?
Jagdeo is getting desperate. Diversion is the name of the game
Yep!
He is starting to sound like oil can Henry’s.
Thank you Mr. President. It is about time CGX drills or give another company the opportunity to do so on those concessions. Holding them to inflate their stock prices may be good for CGX but it is not beneficial to Guyana and its people. No country gives out leases for an unspecified time.
Take back the leases and hold an internationl a bid for each concession.
mr president forgot that his govt could not even keep one plane in the sky called guyana airways,,,so give me a major break
If you want international bid then pay back the Millions they paid to defend Guyana in the dispute with Suriname. Look like you did not know Jagdeo did not spend the tax payers money to defend that one . They paid to defend your Poor Country now shut up and let them run the Company.If oil is in the area Guyana is going to profit from it but after 2011 you think them Candians stupid.
Oh silly monkey pon Iron,,,Do you know the difference between plane and Oil drilling????
peter Morgan is about to do 15yrs like roger khan what you going to do,,,,hope he dont call your name,,dont support drugs dealers toy-soldier,,